Toilet thought of the day…. @SamsungMobile folding phones are so sick, especially for charts on the go or when you’re calling a moose. I really hope that @Apple blesses us with a folding phone this fall or else I’m gonna have to improvise…

I opened a healthy $STX position last week. I don’t think memory and storage are cyclical in the same way they used to be. Historically, demand was driven by PCs, phones, servers and other product cycles. Demand would spike, supply would catch up, pricing would collapse, and the cycle would reset. AI changes that because it doesn’t just consume compute, it creates an insane amount of data. Models, video, logs, training data, inference data, autonomous vehicles, robots, cameras and edge devices are all creating more data that ultimately has to be stored somewhere. HDDs are still the cheapest way to store massive amounts of data, and Seagate is leading the industry in HAMR, which allows it to keep increasing capacity per drive as storage requirements grow. My thesis is simple. AI is driving a structural increase in data creation, the world is going to need a massive amount of cheap storage, and $STX is one of the few companies capable of supplying it at scale with a current technology lead. Data centers are going to be built aggressively all over the world for years. Unless there is some game-changing breakthrough in storage technology, the products $STX makes are going to be required to support that buildout. I’m no expert and could be dead wrong, but those thoughts, plus a beaut technical setup, give me enough conviction to own it until the thesis changes or my stop gets hit.